10 Things to Consider When Switching Health Funds

If you’re considering switching health funds, there’s one thing you should keep front of mind: Not all health funds are created equal and not all health cover is the same!

Our friends at online Insurance comparison site Choosi, have helped us put together 10 tips to help you decide which cover is right for you & your family.

Understand what your current benefits are, what your limits are and what you are paying each month, this will help you make a fair comparison of health cover options.
Think about what benefits you currently value and also what you are likely to use in the next couple of years. For example, if you have kids who are approaching their teenage years, you may want to ensure you have cover for orthodontic treatment. Or if you have decided that you aren’t going to have any more children, you may want to remove any cover you may have for pregnancy.
If you are upgrading your level of cover you may need to serve waiting periods before claiming on new or additional benefits. Sometimes health funds may waive waiting periods as a special offer when you join, but you should read their t’s and c’s to ensure the benefits you are interested in are included in the offer.
Understand what you get back as well per treatment as this will vary not only by health funds but also by policy. Some policies may also pay a dollar amount whilst others may pay a percentage amount.
Check out the limits on the benefits as most benefits will have a cap on what you can claim, and again this will vary by health funds and by policy.
Some policies may have the option for you to nominate an excess for any hospital treatment. The higher the excess the lower your premiums, however you will need to ensure that should you need hospital treatment you have that money available to pay for the treatment.
Understand the payment frequency, this will help you with your budget management. Most offer monthly payment options, some may offer fortnightly or even yearly payment options.
Look out for payment discounts. Some funds may want you to pay in a particular way, for example direct debit, so they will offer you a discount to encourage you to pay in this way.
Look at the additional member benefits offered by the health fund. For example some offer access to free dental clinics, eye checks, health advice lines, home doctor services or online tools to help you manage your family’s health and fitness.
Once you’ve given consent to switch your new health fund will look after the whole process, so you experience no gap in cover.

Finally remember to review your policy annually, and ensure that you are getting the benefits you really need at a price that is right for you!

At Choosi, they do their best to make choosing and applying for insurance as hassle free and easy as possible. They work with a range of popular insurance brands, so you can compare policies and benefits, and choose cover that suits your needs, budget and lifestyle. It’s simple with Choosi: